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Past due loans include nonaccrual loans and are therefore included in total loans.
Represents revenue that is out of scope of ASC 606 including net loan servicing income, letter of credit commissions, import/export commissions, BOLI income, gains (losses) on sales of loans, income from equity investments, and gain on transfer to OREO.
Other fees consist of wealth management fees, miscellaneous loan fees and postage/courier fees.
Other income consists of safe deposit box rental income, wire transfer fees, security brokerage fees, annuity sales, insurance activity, and OREO income.
Includes non-farm and non-residential real estate loans, multifamily residential and 1-4 residential loans for a business purpose.
Included in “Accrued interest and other assets” on the consolidated balance sheets.
26
Included in “Accrued interest and other assets” on the consolidated balance sheets.
Includes 31,270 PRSUs, of which half include a future performance criteria with a market condition with an estimated fair value of $20.50 and half include future performance financial metrics with a fair value of $17.75, the Company’s closing price on the date of grant.
Net of discounts and deferred fees and costs.
Represents applicable tenor spread adjustment when the original LIBOR index was discontinued on June 30, 2023.
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024 or
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______ to ______
Commission File Number: 001-38149
RBB BANCORP
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1055 Wilshire Blvd., Suite 1200, | |
Los Angeles, California | 90017 |
(Address of principal executive offices) | (Zip Code) |
(213) 627-9888
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12 (b) of the Act:
Title of each class | | Trading Symbol(s) | | Name of exchange on which registered |
Common Stock, No Par Value | | RBB | | NASDAQ Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | | ☐ | | Accelerated filer | | ☒ |
Non-accelerated filer | | ☐ | | Smaller reporting company | | ☐ |
Emerging growth company | | ☐ | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of shares of common stock of the registrant: 17,804,788 outstanding as of August 2, 2024.
PART I - FINANCIAL INFORMATION
ITEM 1. |
CONSOLIDATED FINANCIAL STATEMENTS |
RBB BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2024 AND DECEMBER 31, 2023
(In thousands, except share amounts)
| | (Unaudited) | | | | | |
| | June 30, | | | December 31, | |
| | 2024 | | | 2023 | |
Assets | | | | | | | | |
Cash and due from banks | | $ | 23,313 | | | $ | 22,671 | |
Interest-earning deposits with financial institutions | | | 229,456 | | | | 408,702 | |
Cash and cash equivalents | | | 252,769 | | | | 431,373 | |
Interest-earning time deposits in other financial institutions | | | 600 | | | | 600 | |
Securities: | | | | | | | | |
Available for sale | | | 325,582 | | | | 318,961 | |
Held to maturity (fair value of $4,928 and $5,097 at June 30, 2024 and December 31, 2023) | | | 5,200 | | | | 5,209 | |
Mortgage loans held for sale | | | 3,146 | | | | 1,911 | |
Loans held for investment | | | 3,047,067 | | | | 3,031,319 | |
Unaccreted discount on acquired loans | | | (866 | ) | | | (970 | ) |
Deferred loan costs, net | | | 1,511 | | | | 1,512 | |
Total loans held for investment, net of deferred loan costs and unaccreted discounts on acquired loans | | | 3,047,712 | | | | 3,031,861 | |
Allowance for loan losses | | | (41,741 | ) | | | (41,903 | ) |
Total loans held for investment, net | | | 3,005,971 | | | | 2,989,958 | |
| | | | | | | | |
Premises and equipment, net | | | 25,049 | | | | 25,684 | |
Federal Home Loan Bank (FHLB) stock | | | 15,000 | | | | 15,000 | |
Net deferred tax assets | | | 16,577 | | | | 15,765 | |
Cash surrender value of bank owned life insurance (BOLI) | | | 59,486 | | | | 58,719 | |
Goodwill | | | 71,498 | | | | 71,498 | |
Servicing assets | | | 7,545 | | | | 8,110 | |
Core deposit intangibles | | | 2,394 | | | | 2,795 | |
Right-of-use assets- operating leases | | | 30,530 | | | | 29,803 | |
Accrued interest and other assets | | | 46,839 | | | | 50,639 | |
Total assets | | $ | 3,868,186 | | | $ | 4,026,025 | |
Liabilities and Shareholders’ Equity | | | | | | | | |
Deposits: | | | | | | | | |
Noninterest-bearing demand | | $ | 542,971 | | | $ | 539,621 | |
Savings, NOW and money market accounts | | | 647,770 | | | | 632,729 | |
Time deposits $250,000 and under | | | 1,014,189 | | | | 1,190,821 | |
Time deposits over $250,000 | | | 818,675 | | | | 811,589 | |
Total deposits | | | 3,023,605 | | | | 3,174,760 | |
| | | | | | | | |
Reserve for unfunded commitments | | | 624 | | | | 640 | |
FHLB advances | | | 150,000 | | | | 150,000 | |
Long-term debt, net of issuance costs | | | 119,338 | | | | 119,147 | |
Subordinated debentures, net | | | 15,047 | | | | 14,938 | |
Lease liabilities - operating leases | | | 32,087 | | | | 31,191 | |
Accrued interest and other liabilities | | | 16,194 | | | | 24,089 | |
Total liabilities | | | 3,356,895 | | | | 3,514,765 | |
| | | | | | | | |
Commitments and contingencies - Note 12 | | | | | | | | |
| | | | | | | | |
Shareholders' equity: | | | | | | | | |
Preferred Stock - 100,000,000 shares authorized, no par value; none outstanding | | | — | | | | — | |
Common Stock - 100,000,000 shares authorized, no par value; 18,182,154 shares issued and outstanding at June 30, 2024 and 18,609,179 shares issued and outstanding at December 31, 2023 | | | 266,160 | | | | 271,925 | |
Additional paid-in capital | | | 3,456 | | | | 3,623 | |
Retained earnings | | | 262,518 | | | | 255,152 | |
Non-controlling interest | | | 72 | | | | 72 | |
Accumulated other comprehensive loss, net | | | (20,915 | ) | | | (19,512 | ) |
Total shareholders’ equity | | | 511,291 | | | | 511,260 | |
Total liabilities and shareholders’ equity | | $ | 3,868,186 | | | $ | 4,026,025 | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
RBB BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME – (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2024, MARCH 31, 2024, AND JUNE 30, 2023 AND THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended June 30, |
|
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
2024 |
|
|
2023 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
45,320 |
|
|
$ |
45,547 |
|
|
$ |
50,810 |
|
|
$ |
90,867 |
|
|
$ |
100,752 |
|
Interest on interest-earning deposits |
|
|
3,353 |
|
|
|
5,040 |
|
|
|
2,112 |
|
|
|
8,393 |
|
|
|
2,903 |
|
Interest on investment securities |
|
|
3,631 |
|
|
|
3,611 |
|
|
|
3,574 |
|
|
|
7,242 |
|
|
|
6,110 |
|
Dividend income on FHLB stock |
|
|
327 |
|
|
|
331 |
|
|
|
259 |
|
|
|
658 |
|
|
|
524 |
|
Interest on federal funds sold and other |
|
|
255 |
|
|
|
266 |
|
|
|
247 |
|
|
|
521 |
|
|
|
464 |
|
Total interest and dividend income |
|
|
52,886 |
|
|
|
54,795 |
|
|
|
57,002 |
|
|
|
107,681 |
|
|
|
110,753 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on savings deposits, NOW and money market accounts |
|
|
4,953 |
|
|
|
4,478 |
|
|
|
2,778 |
|
|
|
9,431 |
|
|
|
5,074 |
|
Interest on time deposits |
|
|
21,850 |
|
|
|
23,322 |
|
|
|
19,169 |
|
|
|
45,172 |
|
|
|
32,575 |
|
Interest on long-term debt and subordinated debentures |
|
|
1,679 |
|
|
|
1,679 |
|
|
|
2,550 |
|
|
|
3,358 |
|
|
|
5,089 |
|
Interest on other borrowed funds |
|
|
439 |
|
|
|
439 |
|
|
|
579 |
|
|
|
878 |
|
|
|
1,988 |
|
Total interest expense |
|
|
28,921 |
|
|
|
29,918 |
|
|
|
25,076 |
|
|
|
58,839 |
|
|
|
44,726 |
|
Net interest income before provision for credit losses |
|
|
23,965 |
|
|
|
24,877 |
|
|
|
31,926 |
|
|
|
48,842 |
|
|
|
66,027 |
|
Provision for credit losses |
|
|
557 |
|
|
|
— |
|
|
|
380 |
|
|
|
557 |
|
|
|
2,394 |
|
Net interest income after provision for credit losses |
|
|
23,408 |
|
|
|
24,877 |
|
|
|
31,546 |
|
|
|
48,285 |
|
|
|
63,633 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
1,064 |
|
|
|
992 |
|
|
|
1,120 |
|
|
|
2,056 |
|
|
|
2,143 |
|
Gain on sale of loans |
|
|
451 |
|
|
|
312 |
|
|
|
18 |
|
|
|
763 |
|
|
|
47 |
|
Loan servicing income, net of amortization |
|
|
579 |
|
|
|
589 |
|
|
|
606 |
|
|
|
1,168 |
|
|
|
1,337 |
|
Increase in cash surrender value of life insurance |
|
|
385 |
|
|
|
382 |
|
|
|
344 |
|
|
|
767 |
|
|
|
679 |
|
Gain on other real estate owned |
|
|
292 |
|
|
|
724 |
|
|
|
— |
|
|
|
1,016 |
|
|
|
— |
|
Other income |
|
|
717 |
|
|
|
373 |
|
|
|
405 |
|
|
|
1,090 |
|
|
|
649 |
|
Total noninterest income |
|
|
3,488 |
|
|
|
3,372 |
|
|
|
2,493 |
|
|
|
6,860 |
|
|
|
4,855 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
9,533 |
|
|
|
9,927 |
|
|
|
9,327 |
|
|
|
19,460 |
|
|
|
19,191 |
|
Occupancy and equipment expenses |
|
|
2,439 |
|
|
|
2,443 |
|
|
|
2,430 |
|
|
|
4,882 |
|
|
|
4,828 |
|
Data processing |
|
|
1,466 |
|
|
|
1,420 |
|
|
|
1,356 |
|
|
|
2,886 |
|
|
|
2,655 |
|
Legal and professional |
|
|
1,260 |
|
|
|
880 |
|
|
|
2,872 |
|
|
|
2,140 |
|
|
|
5,885 |
|
Office expenses |
|
|
352 |
|
|
|
356 |
|
|
|
350 |
|
|
|
708 |
|
|
|
725 |
|
Marketing and business promotion |
|
|
189 |
|
|
|
172 |
|
|
|
252 |
|
|
|
361 |
|
|
|
552 |
|
Insurance and regulatory assessments |
|
|
981 |
|
|
|
982 |
|
|
|
809 |
|
|
|
1,963 |
|
|
|
1,313 |
|
Core deposit premium |
|
|
201 |
|
|
|
201 |
|
|
|
235 |
|
|
|
402 |
|
|
|
472 |
|
Other expenses |
|
|
703 |
|
|
|
588 |
|
|
|
886 |
|
|
|
1,291 |
|
|
|
1,807 |
|
Total noninterest expense |
|
|
17,124 |
|
|
|
16,969 |
|
|
|
18,517 |
|
|
|
34,093 |
|
|
|
37,428 |
|
Net income before income taxes |
|
|
9,772 |
|
|
|
11,280 |
|
|
|
15,522 |
|
|
|
21,052 |
|
|
|
31,060 |
|
Income tax expense |
|
|
2,527 |
|
|
|
3,244 |
|
|
|
4,573 |
|
|
|
5,771 |
|
|
|
9,141 |
|
Net income |
|
$ |
7,245 |
|
|
$ |
8,036 |
|
|
$ |
10,949 |
|
|
$ |
15,281 |
|
|
$ |
21,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.39 |
|
|
$ |
0.43 |
|
|
$ |
0.58 |
|
|
$ |
0.83 |
|
|
$ |
1.15 |
|
Diluted |
|
|
0.39 |
|
|
|
0.43 |
|
|
|
0.58 |
|
|
|
0.82 |
|
|
|
1.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
18,375,970 |
|
|
|
18,601,277 |
|
|
|
18,993,483 |
|
|
|
18,488,623 |
|
|
|
18,989,686 |
|
Diluted |
|
|
18,406,897 |
|
|
|
18,651,702 |
|
|
|
18,995,100 |
|
|
|
18,529,299 |
|
|
|
19,022,242 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
RBB BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME – (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2024, MARCH 31, 2024, AND JUNE 30, 2023, AND THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(In thousands)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
Net income |
|
$ |
7,245 |
|
|
$ |
8,036 |
|
|
$ |
10,949 |
|
|
$ |
15,281 |
|
|
$ |
21,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain/(loss) on securities available for sale |
|
|
43 |
|
|
|
(2,085 |
) |
|
|
(3,591 |
) |
|
|
(2,042 |
) |
|
|
(1,014 |
) |
Related income tax effect |
|
|
24 |
|
|
|
615 |
|
|
|
1,064 |
|
|
|
639 |
|
|
|
274 |
|
Total other comprehensive income/(loss) |
|
|
67 |
|
|
|
(1,470 |
) |
|
|
(2,527 |
) |
|
|
(1,403 |
) |
|
|
(740 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
|
$ |
7,312 |
|
|
$ |
6,566 |
|
|
$ |
8,422 |
|
|
$ |
13,878 |
|
|
$ |
21,179 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
RBB BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY – (UNAUDITED)
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(In thousands, except share amounts)
| | Common Stock | | | | | | | | | | | | | | | Accumulated | | | | | |
| | Shares | | | Amount | | | Additional Paid-in Capital | | | Retained Earnings | | | Non- Controlling Interest | | | Other Comprehensive Loss, net | | | Total | |
Balance at March 31, 2024 | | | 18,578,132 | | | $ | 271,645 | | | $ | 3,348 | | | $ | 259,903 | | | $ | 72 | | | $ | (20,982 | ) | | $ | 513,986 | |
Net income | | | — | | | | — | | | | — | | | | 7,245 | | | | — | | | | — | | | | 7,245 | |
Stock-based compensation, net | | | — | | | | — | | | | 688 | | | | — | | | | — | | | | — | | | | 688 | |
Restricted stock units vested | | | 23,962 | | | | 448 | | | | (448 | ) | | | — | | | | — | | | | — | | | | — | |
Cash dividends on common stock ($0.16 per share) | | | — | | | | — | | | | — | | | | (3,010 | ) | | | — | | | | — | | | | (3,010 | ) |
Stock options exercised | | | 28,250 | | | | 590 | | | | (132 | ) | | | — | | | | — | | | | — | | | | 458 | |
Repurchase of common stock | | | (448,190 | ) | | | (6,523 | ) | | | — | | | | (1,620 | ) | | | — | | | | — | | | | (8,143 | ) |
Other comprehensive income, net of taxes | | | — | | | | — | | | | — | | | | — | | | | — | | | | 67 | | | | 67 | |
Balance at June 30, 2024 | | | 18,182,154 | | | $ | 266,160 | | | $ | 3,456 | | | $ | 262,518 | | | $ | 72 | | | $ | (20,915 | ) | | $ | 511,291 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at March 31, 2023 | | | 18,992,903 | | | $ | 277,478 | | | $ | 3,270 | | | $ | 233,815 | | | $ | 72 | | | $ | (19,878 | ) | | $ | 494,757 | |
Net income | | | — | | | | — | | | | — | | | | 10,949 | | | | — | | | | — | | | | 10,949 | |
Stock-based compensation, net | | | — | | | | — | | | | 150 | | | | — | | | | — | | | | — | | | | 150 | |
Restricted stock units vested | | | 2,400 | | | | 30 | | | | (30 | ) | | | — | | | | — | | | | — | | | | — | |
Cash dividends on common stock ($0.16 per share) | | | — | | | | — | | | | — | | | | (3,039 | ) | | | — | | | | — | | | | (3,039 | ) |
Other comprehensive loss, net of taxes | | | — | | | | — | | | | — | | | | — | | | | — | | | | (2,527 | ) | | | (2,527 | ) |
Balance at June 30, 2023 | | | 18,995,303 | | | $ | 277,508 | | | $ | 3,390 | | | $ | 241,725 | | | $ | 72 | | | $ | (22,405 | ) | | $ | 500,290 | |
| | Common Stock | | | | | | | | | | | | | | | Accumulated | | | | | |
| | Shares | | | Amount | | | Additional Paid-in Capital | | | Retained Earnings | | | Non- Controlling Interest | | | Other Comprehensive Loss, net | | | Total | |
Balance at January 1, 2024 | | | 18,609,179 | | | $ | 271,925 | | | $ | 3,623 | | | $ | 255,152 | | | $ | 72 | | | $ | (19,512 | ) | | $ | 511,260 | |
Net income | | | — | | | | — | | | | — | | | | 15,281 | | | | — | | | | — | | | | 15,281 | |
Stock-based compensation, net | | | — | | | | — | | | | 828 | | | | — | | | | — | | | | — | | | | 828 | |
Restricted stock units vested | | | 32,200 | | | | 593 | | | | (657 | ) | | | — | | | | — | | | | — | | | | (64 | ) |
Cash dividends on common stock ($0.32 per share) | | | — | | | | — | | | | — | | | | (5,986 | ) | | | — | | | | — | | | | (5,986 | ) |
Stock options exercised | | | 69,250 | | | | 1,337 | | | | (338 | ) | | | — | | | | — | | | | — | | | | 999 | |
Repurchase of common stock | | | (528,475 | ) | | | (7,695 | ) | | | — | | | | (1,929 | ) | | | — | | | | — | | | | (9,624 | ) |
Other comprehensive loss, net of taxes | | | — | | | | — | | | | — | | | | — | | | | — | | | | (1,403 | ) | | | (1,403 | ) |
Balance at June 30, 2024 | | | 18,182,154 | | | $ | 266,160 | | | $ | 3,456 | | | $ | 262,518 | | | $ | 72 | | | $ | (20,915 | ) | | $ | 511,291 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2023 | | | 18,965,776 | | | $ | 276,912 | | | $ | 3,361 | | | $ | 225,883 | | | $ | 72 | | | $ | (21,665 | ) | | $ | 484,563 | |
Net income | | | — | | | | — | | | | — | | | | 21,919 | | | | — | | | | — | | | | 21,919 | |
Stock-based compensation, net | | | — | | | | — | | | | 466 | | | | — | | | | — | | | | — | | | | 466 | |
Restricted stock units vested | | | 20,374 | | | | 391 | | | | (391 | ) | | | — | | | | — | | | | — | | | | — | |
Cash dividends on common stock ($0.32 per share) | | | — | | | | — | | | | — | | | | (6,077 | ) | | | — | | | | — | | | | (6,077 | ) |
Stock options exercised | | | 9,153 | | | | 205 | | | | (46 | ) | | | — | | | | — | | | | — | | | | 159 | |
Other comprehensive loss, net of taxes | | | — | | | | — | | | | — | | | | — | | | | — | | | | (740 | ) | | | (740 | ) |
Balance at June 30, 2023 | | | 18,995,303 | | | $ | 277,508 | | | $ | 3,390 | | | $ | 241,725 | | | $ | 72 | | | $ | (22,405 | ) | | $ | 500,290 | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
RBB BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS – (UNAUDITED)